Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop the city-owned property into a two-family home with parking included. Entity Name: 278 Johnson Ave, LLC Entity Address: Newark, New Jersey 07105 Sale Amount: $36,192.00 Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $22,400.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within eighteen (18) months following transfer of property ownership by the City Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 278 Johnson Avenue/Block 3554/Lot 12/South Ward Additional Information: Sale Price: Total Square Footage x PSF = 3,016 X $12.00 = $36,192.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-d (s) 092722